Silvercorp Metals Inc. (TSX: SVM) (NYSE American: SVM) reports production and sales figures for the fourth quarter and fiscal year ended March 31, 2025 and the production and cost guidance for the 2026 fiscal year ending March 31, 2026. Silvercorp expects to release its Fiscal 2025 audited financial results on Thursday, May 22, 2025, after market close.

Q4 Fiscal 2025 Operational Highlights  

• Revenue of approximately $75.1 million, an increase of 76% over the same quarter last year;
• Ore processed  345,984 tonnes, up 46% over Q4 Fiscal 2024;
• Silver production of 1.6 million ounces, an increase of 42% over Q4 Fiscal 2024; silver equivalent (only silver and gold)ⁱ production of approximately 1.9 million ounces, compared to 1.3 million ounces in Q4 Fiscal 2024;
• Lead production of approximately 16.3 million pounds, an increase of 30% over Q4 Fiscal 2024; and
• Zinc production of approximately 4.4 million pounds, a decrease of 3% over Q4 Fiscal 2024.

Fiscal 2025 Operational Highlights 

• Record revenue of approximately $298.9 million, up 39% over Fiscal 2024;
• Record silver production of approximately 6.9 million ounces, up 12% and within the Company’s annual production guidance to produce 6.8 to 7.2 million ounces of silver in Fiscal 2025; silver equivalent (only silver and gold) production of approximately 7.6 million ounces, an increase of 11% over Fiscal 2024.

Q4 Fiscal 2025 Operational Results

At the Ying Mining District, 304,224 tonnes of ore were processed, up 69% over Q4 Fiscal 2024. Approximately 1,563 Koz (thousands of ounces) of silver, 3,110 oz (ounces) of gold, or 1,850 Koz of silver equivalent plus 15,563 Klbs (thousands of pounds) of lead, and 2,039 Klbs of zinc were produced, representing production increases of 62%, 47%, 50%, 38%, and 17%, respectively, in gold, silver, silver equivalent, lead and zinc over Q4 Fiscal 2024.

At the GC Mine, 41,760 tonnes of ore were processed, down 27% over Q4 Fiscal 2024. Approximately 67 Koz of silver, 699 Klbs of lead, and 2,365 Klbs of zinc were produced, representing decreases of 23%, 42% and 16%, respectively, in silver, lead and zinc over Q4 Fiscal 2024.

Fiscal 2025 Operational Results

At the Ying Mining District, 1,013,659 tonnes of ore were processed, up 24% over Fiscal 2024. A total of 6,431 Koz of silver, 7,495 oz of gold, or 7.495 Koz of silver equivalent, 56,847 Klbs of lead, and 8,552 Klbs of zinc were produced, representing increases of 13%, 3%, 12%, 1% and 4%, respectively, in silver, gold,  silver equivalent, lead and zinc  over Fiscal 2024.

At the GC Mine, 299,036 tonnes of ore were processed, up 3% over Fiscal 2024. A total of  517 Koz of silver, 5,323 Klbs of lead, and 14,765 Klbs of zinc were produced, representing decreases of 2%, 23% and 3%, respectively, in silver, lead and zinc over Fiscal 2024.

Fiscal 2026 Production, Cash Costs, and Capital Expenditure Guidance

• Guidance for Fiscal 2026 production, cash and all-in sustaining (AIS)costs

In Fiscal 2026, the Company expects to process 1,331,000 to 1,369,000 tonnes of ore, yielding approximately 8,100 to 9,000 oz of gold, 7,380 to 7,600 Koz of silver, 65,200 to 66,900 Klbs of lead, and 29,300 to 30,300 Klbs of zinc. The guidance represents 1% – 4% increase in ore processed, and  21% to 39% in gold, 6% to 9% in silver, 5% to 8% in lead, and 26% to 30% in zinc metal production, compared to the Fiscal 2025 results.

The Ying Mining District plans to process 1,031,000 to 1,057,000 tonnes of ore, to produce 9,100 to 10,400 oz of gold, 6,800 to 7,000 Koz of silver, 58,800 to 60,300 Klbs of lead, and 11,800 to 12,200 Klbs of zinc for Fiscal 2026. This production guidance represents production increases of 2% to 4% in ore, 21% to 39% in gold, 6% to 9% in silver, 3% to 6% in lead and 38% to 43% in zinc, compared to the Fiscal 2025 results.

The cash costⁱⁱ at the Ying Mining District is expected to be $86.8 to $88.4 per tonne of ore, comparable to the cash cost of $89.2 for the first nine months of Fiscal 2025 ended December 31, 2024.  The all-in sustaining  cost (AISC)ⁱⁱ  is estimated at $157.8 to $160.5 per tonne, higher than the AISC of $146.6 recorded in the first nine months of Fiscal 2025 due to the new regulation of 2.3% mineral right royalty in China.

The GC Mine plans to process 300,000 to 312,000 tonnes of ore to produce 580 to 600 Koz of silver, 6,400 to 6,600 Klbs of lead, and 17,500 to 18,100 Klbs of zinc. Fiscal 2026 production guidance at the GC Mine represents production increases of 0.3% to 4% in ore and 12% to 16% in silver, 20% to 24% in lead and 19% to 23% in zinc compared to the Fiscal 2025 results.

The cash cost at the GC Mine is expected to be $60.3 to $60.8 per tonne of ore, compared to $51.4 recorded in the first nine months of Fiscal 2025. The AISC is estimated at $90.9 to $92.6 per tonne of ore processed, compared to $77.9 recorded in the first nine months of Fiscal 2025 as more development tunneling has been planned in Fiscal 2026. The mineral right royalty will not apply to the GC Mine until the mining license is renewed in 2040.

The consolidated cash cost in Fiscal 2026 is expected to be $80.7 to $82.1 per tonne, while the consolidated AISC is expected to be $154.8 to $157.8 per tonne.

• Fiscal 2026 capital expenditure guidance for China Operations

The table below summarizes the capital expenditure the Company expects to be incurred for our projects in China in Fiscal 2026.

1. Ying Mining District

The total capital expenditure at the Ying Mining District in Fiscal 2026 is estimated at $73.4 million as the Company continues to optimize the mine plan to increase ore production and grow its mineral resources. Projected spending will be:

• $25.3 million to develop 38,800 metres of ramps and tunnels for transportation and access, included in AISC;
• $24.8 million to develop 67,700 metres of exploration tunnels and $5.8 million to drill 190,600 metres of exploration diamond drill holes; and
• $17.5 million on equipment replacement and facility upgrade and construction, included in AISC.

In addition to the above work, the Company also plans to complete and expense 67,300 metres of mining preparation tunnels and 58,500 metres of diamond drilling at the Ying Mining District, included as part of the cash cost.

2. GC Mine

The total capital expenditure at the GC Mine in Fiscal 2026 is estimated at $9.3 million to maintain its production and mineral resources. Projected spending will be:

• $3.6 million to develop 5,700 metres of ramps and tunnels, included in AISC;
• $3.9 million to develop 11,100 metres of exploration tunnels and $1.1 million to drill 48,400 metres of exploration diamond drill holes; and
• $0.7 million on equipment replacement, facility upgrades and construction, included in AISC.

In addition to the above work, the Company also plans to complete and expense 11,400 metres of mining preparation tunnels and 12,600 metres of diamond drilling at the GC Mine, included as part of the cash cost.

3. Kuanping Project

The Kuanping Project has received all permits and licenses for mine construction, and the access road and site preparation work has started. In Fiscal 2026, the Company will invest $3.9 million for the construction of the mine, which includes $2.7 million on 6,300 metres of ramp and tunnel development  $0.4 million on 1,300 metres of exploration tunnels, $0.8 million on equipment.

4. Fiscal 2026 capital expenditure guidance for Ecuador Operations

The Company is preparing a separate press release on the guidance of its Ecuador Operations.

About Silvercorp

Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company’s strategy is to create shareholder value by 1) focusing on generating free cash flow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG.